TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) today announced that, on February 1, 2019, it accepted an assignment of a real estate option agreement from its CEO, Jim Pakulis, to acquire an asset package that includes an existing 196,000 square foot facility on 6.5 acres of land, as well as cannabis processing and packaging equipment. Should the option be exercised, the purchase price of the property is an aggregate of $15 million, payable in cash. Over the past two years, approximately $8 million in tenant improvements have been completed to create a vertically-integrated cannabis facility at the site. The arms-length seller of the property specializes in building USDA-grade commercial HVAC facilities throughout the U.S., and this same seller performed all of the facility’s tenant improvements, the majority of which were to USDA standards.
“With the recent $8 million of tenant improvements performed, this is one of the largest cannabis focused, vertically integrated facilities in California,” TransCanna CEO Jim Pakulis stated in the news release. “The intended use of the facility will be to transfer branded companies that we acquire, or that we create, and bring them inhouse. This means we have complete control over our nursery, grow, manufacturing, extraction and distribution. We believe the consistency in our ecosystem that we can offer, and the scale that we can create, will result in TransCanna owning a portfolio of premium brands that will materially benefit the retailer and their customers.”
To view the full press release, visit http://cnw.fm/PWs0Q
About TransCanna Holdings Inc.
TransCanna Holdings Inc. is a Canadian based company providing branding, transportation and distribution services, through its wholly-owned California subsidiaries, to a range of industries including the cannabis marketplace. For further information, please visit the company’s website at www.TransCanna.com
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